ATLANTA – IOU FINANCIAL INC. (TSXV: IOU), a leading online lender to small businesses, announced today the launch of a new 24-month term for loan amounts ranging between US$300K and US$600K.
“IOU Financial is committed to product innovation, and the 24-month term loan is designed to give our broker network partners an expanded range of tools to meet the growing needs of small business owners nationwide,” said Robert Gloer, President and CEO.
Today’s news comes as a follow up to IOU’s introduction of an industry-first Cash-Back Loan announced on August 4, 2021, a unique term loan product for small businesses that encourages and rewards perfect payment histories with a cash reward of 3% of the original loan amount. On November 2, 2021, IOU announced that it had surpassed US$1 Billion in total loan originations and established an all-time record in quarterly loan originations.
“Product innovation is a pillar of IOU Financial’s Post-Pandemic Growth Plan,” added Gloer. “Small business owners have growth plans too and getting a 24-month term loan funded within 24 hours can be a powerful tool for them to leverage in the continuing economic recovery.”
IOU’s 24-month term loan is available to businesses that have been in operation for at least 7 years and rewards those with high credit scores. Available only to qualified new and returning clients, the 24-month term loan is designed to give small business owners the convenience of lower payment amounts over longer terms with weekly and bi-weekly payment options, providing them access to capital to invest in the growth of their business. This new product gives IOU’s broker partners an expanded range of options to meet the growing needs of merchants in the context of the continuing economic recovery.
IOU Financial Inc. is a wholesale lender that provides quick and easy access to growth capital to small businesses through a network of preferred brokers across the US and Canada. Built on its proprietary IOU360 technology platform that connects underwriters, merchants and brokers in real time, IOU Financial has become a trusted alternative to banks by originating over US$1 billion in loans to fund small business growth since 2009. IOU trades on the TSX Venture Exchange under the symbol IOU (TSXV: IOU), and on the US OTC markets as IOUFF.